Firstrade Review
Firstrade is a New York-based online brokerage founded in 1985 that has quietly built a powerful niche as one of the only major US brokers to offer completely free options trading — $0 per contract wi...
Fintech & Brokerage Specialist · Broker Insight · Last reviewed Feb 2026
Updated 7w agoFee Verification Due: Firstrade's fees were last verified 155 days ago (November 20, 2025). Re-verify against the official fee schedule to maintain E-E-A-T freshness signals.
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Platform Overview
Firstrade is a New York-based online brokerage founded in 1985 that has quietly built a powerful niche as one of the only major US brokers to offer completely free options trading — $0 per contract with no base commission. At a time when every other mainstream broker still charges $0.65 per options contract, Firstrade's $0 options pricing is a genuine and material cost advantage for active options traders. On a portfolio generating 200 contracts per month, that is $1,560/year in savings versus E*TRADE, Fidelity, or Schwab. Beyond the $0 options pricing, Firstrade offers commission-free stock and ETF trading, a solid range of account types including IRAs and custodial accounts, access to over 11,000 mutual funds (most with no transaction fee), and a well-designed trading platform with real-time streaming quotes and charting tools. Firstrade is a registered broker-dealer and FINRA/SIPC member with over 37 years of operating history, making it a credible and regulated institution despite its lower profile compared to Schwab or Fidelity. Its customer base skews toward Chinese-American investors — the platform offers full Chinese-language support — but it has grown its English-language user base significantly in recent years on the strength of its $0 options pricing. While the platform lacks the research depth of Fidelity, the advanced tools of tastytrade, and the data breadth of Moomoo, Firstrade's cost structure makes it impossible to ignore for any investor who trades options regularly.
Key Features
$0 Options Contracts
The only major US broker offering completely free options trading — $0 base commission and $0 per contract, saving $1,560+/year for active options traders
11,000+ Mutual Funds
Access to over 11,000 mutual funds, with thousands available with no transaction fee — broader than many larger competitors
Chinese-Language Support
Full Chinese-language platform, customer service, and account management — rare among US retail brokers and valuable for Chinese-American investors
Full IRA Suite
Traditional, Roth, SEP, and SIMPLE IRAs with access to Firstrade's zero-commission options strategies inside retirement accounts
Real-Time Streaming Quotes
Live Level 1 quotes, interactive charting with technical indicators, and options chains with real-time data at no additional cost
Custodial & Joint Accounts
UTMA/UGMA custodial accounts and joint accounts available — broader account type coverage than many newer fintech platforms
Fees & Costs
Fee Verification Overdue (155 days)
These fees were last verified on November 20, 2025 — more than 90 days ago. Please re-check against Firstrade's official fee schedule to keep E-E-A-T freshness signals strong and ensure readers see accurate pricing.
Search for latest Firstrade fees| Stock & ETF Commissions | $0 for stocks and ETFs |
| Options Fees | $0 per contract — the only major broker with truly free options |
| Account Minimum | $0 |
| Margin Rates | 9.50% – 12.50% (competitive mid-range) |
Fee data manually verified against Firstrade's official fee schedule. Broker pricing may change — always confirm on the broker's website before opening an account.
Pros & Cons
Pros
- $0 options contracts saves $1,560+/year for traders doing 200 contracts/month vs competitors at $0.65
- Access to 11,000+ mutual funds including thousands with no transaction fee
- Full Chinese-language support — uniquely valuable for Chinese-American investors
- FINRA/SIPC member with 37+ years of operating history — credible established institution
- Full IRA suite including SEP and SIMPLE for self-employed investors
Cons
- Research tools and analyst reports lag behind Fidelity, Schwab, and E*TRADE
- Platform and mobile app less polished than modern fintechs like Webull or Moomoo
- No cryptocurrency trading — behind the curve vs competitors
- No futures trading — active commodities traders look elsewhere
- Customer service quality inconsistent — response times can be slow during peak periods
What's New
A history of every update to our Firstrade review
Our editorial team reviews every broker at least once per quarter. Rating changes, fee updates, and new features are logged here as they occur.
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Who It's Best For
Firstrade is the best broker for active options traders who want to eliminate the $0.65/contract fee that all other major brokers charge. It is particularly compelling for self-directed investors who trade options strategies like covered calls, cash-secured puts, or spreads frequently, where the savings on contract fees compound into meaningful annual cost reductions.
Active Options Traders
Trade options frequently and need fast execution with trader-friendly fees
Community-Driven Investors
Learn by seeing other investors' portfolios and want to share their own investment thinking publicly
Treasury & Bond Buyers
Want direct access to T-bills and individual bonds at wholesale prices without buying a bond fund
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Final Verdict
Our Verdict on Firstrade
Firstrade earns the "Best for Free Options Trading" designation clearly: it is the only major US broker with $0 options contracts, and that single advantage generates real, material savings for anyone who trades options regularly. The platform and research tools are functional but not best-in-class, which means Firstrade works best as a primary broker for options-focused traders who supplement with free research from Fidelity or Schwab. If you are paying $0.65/contract anywhere else and you trade options frequently, switching to Firstrade is one of the highest-ROI moves you can make.
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